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Fresh warning issued on SMSF licensing

One law firm has warned accountants who simply cease to offer advice on SMSFs following the removal of the accountants’ exemption should be wary of potential breaches of the Corporations Act.

Jaime Lumsden Kelly, solicitor director at The Fold, said that while exiting the SMSF advice space is a valid alternative to becoming licensed to provide financial advice, accountants will still need to comply with AFS requirements.

“The key issue facing accountants is understanding what ‘financial product advice’ is, so that you know how not to provide it,” she said.

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Ms Lumsden Kelly outlined several issues accountants who are not licensed or authorised to provide financial advice will need to keep in mind when talking with clients. Among other things, they should: